Gifted House

mikey_bach

it is indeed a very sad situation. I doubt B will seek legal advice as they get on well with A at the moment.
Maybe A will do whats right, but I doubt it they are talking of renting the property out. Is there a time limit on taking legal advice?.

Think B wants to give A some time to see what he is doing. There is a will that mentions everything should be shared equally but as A had the house in their name when this was written.

Thanks all for the input and I can now tell B it is in their best interest to get legal advice,

xylophone

A had the house in their name when this was written

A had the freehold in his name but had granted a 99 year lease to his father- this was surely an asset of the father's estate?

jimmo

xylophone wrote: »

A had the freehold in his name but had granted a 99 year lease to his father- this was surely an asset of the father's estate?

Not if it was a lease for life and expired on the father’s death.
If so, the property was settled property for IHT purposes but not for CGT purposes.
http://www.hmrc.gov.uk/manuals/cgmanual/CG65405.htm

mikey_bach

B is seeking legal advice in a few weeks , then will wait another few weeks to see what happens then act on any legal advice. Will post if they update me